The Web is part of society and is formed by society. And till society is a criminal offense-free zone, the Web won’t be a crime-free zone.
So what’s a cryptocurrency? A cryptocurrency is a decentralised payment system, which basically lets individuals ship currency to each other over the web without the need for a trusted third party similar to a bank or financial institution. The transactions are cheap, and in many cases, they’re free. And likewise, the payments are pseudo nameless as well.
As well as that, the main function is that it’s totally decentralised, which signifies that there is not any single central point of authority or anything like that. The implications of this is done by everyone having a full copy of all of the transactions that have ever occurred with Bitcoin. This creates an incredibly resilient network, which means that nobody can change or reverse or police any of the transactions.
The high stage of anonymity in there means that it’s very hard to trace transactions. It’s not totally unattainable, but it’s impractical in most cases. So crime with cryptocurrency– because you have got fast, borderless transactions, and you have a high stage of anonymity, it in concept creates a system that’s ripe for exploitation. So in most cases when it’s a criminal offense online with online payment systems, then they have a tendency to go to the creatorities and, say, we are able to hand over this payment information or we can cease these transactions and reverse them. And none of that may happen with Bitcoin, so it makes it ripe for criminals, in theory.
In light of this, loads of totally different businesses are researching into Bitcoin and looking at Bitcoin and attempting to understand how it works and what they will do to police it. It is also been in the media quite just a few occasions, and the media, being the media, like concentrate on the bad side of it. So they focus very heavily on the crime with it. So if there is a theft or a scam or something like that, then they have an inclination responsible it on Bitcoin and Bitcoin users.
So the most notable is probably Silk Road, which bought taken down not too long ago, and thru their $1.2 billion price of Bitcoins, went to pay for anything from drugs to weapons to hit males to those kinds of things. And the media, once more, very quickly guilty this on Bitcoins and say that it was the Bitcoin consumer’s fault.
But there’s actually very little proof of the dimensions of the problem of crime with cryptocurrencies. We do not know if there’s rather a lot or we do not know if there’s a little. But despite this, people are very quick to brand it as a criminal thing, and so they overlook the legitimate uses, such because the quick and quick payment.
So just a few research questions I am looking at in this area is what does crime with Bitcoin look like? So lots of people will say that scams and thefts have been happening for ages. However the means by way of which they happen changes with the technology. So a Victorian street swindler would practically be doing something very different to a 419 Nigerian prince scammer.
So the next question that I would like to research as well is looking on the scale of the problem of crime with cryptocurrency. So by generating a log of known scams and thefts and things like that, we can then cross reference that with the public transaction log of all transactions and see just how a lot of the transactions are actually unlawful and criminal. So my closing query would be, to what extent does the technology itself really facilitate crime? By looking back at the crime logs, we are able to see which specific types of crime occur, and if it is definitely the technology’s fault, or is this just the identical old crimes that we’ve been looking at before. And as soon as we’ve consider these things, we are able to start to think about attainable options to the issue of crime with Bitcoin.
And we are able to consider that the only suitable solution can be one which preserves the undermendacity values of the technology itself, which would be privacy and decentralisation. Plenty of focus from the media is to look at the criminal elements of it. They usually don’t give enough value to the legitimate uses, because Bitcoin is a technology that enables fast, quick payments, which is helpful to anybody that’s ever paid for anything on the web.
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